Solar panel is the panel intended to entrap the sun’s rays as a source of energy to generate electricity and heat. It diminishes the amount of electricity produced from fossil fuels by supplying the operations with clean, renewable energy from the sun. Solar panels are also called photovoltaic or PV modules as they directly transform sunlight into electricity. The sun produces enough energy daily to supply 10,000 times the current worldwide electrical needs. Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6×10 dimension that generate and supply solar electricity for commercial and residential applications. They are also extensively used for powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.

The solar panel marketis driven by various factors such as increase in solar systems installations and generous government initiatives and policies that support solar energy generation. This is mainly because, solar panel power generation is less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Solar power generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the low power generation capacity of the solar panels and increasing stringent regulations on the land used for solar power generation sites.

Industry Trend:

To make solar panels more attractive SolarWorld, Canadian Solar, and Trina have come up with their respective ranges of solar panels sans frames. These solar panels are coming with specialized mounting apparatus to match the panels. Clear solar panels are a revelation; these glass panels are durable, more resistant to fire hazard and less prone to erosion. Prism Solar, DSM Advanced Surfaces, Topray Solar and Sunshine Solar are the leading manufacturers of this trend. Tesla’s solar panels are unique in their appearance as they don’t differ much from the traditional rooftop tiles.

This study provides an overview of the global solar panels market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global solar panels market by its application, by module type, by technology and by regions.

Regional Analysis:

Europe currently owns the second position, but the market has witnessed a sharp decline in new installations owing to phased out subsidies and reduction in tariff, especially in Germany and Italy. However, the U.K., Spain and the Czech Republic have shown huge potential for further development. Also, importation of cheaper materials from China can steer the market ahead in coming years.

Geographically, the market is segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

APAC dominates the market with China contributing the most to the global market share. China has recorded a significant number of PV unit installation in 2012. India, Japan, and Australia are showing much potential in taking the market further, owing to population explosion and urbanization in the region.

North America comes third and has witnessed high growth. Owing to the trend of adopting the latest technology and eagerness to reduce carbon footprint have influenced individuals enough to embrace this technology in their homes and buildings.